increase of capital contribution to china shipping finance company ltd.

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CAPITAL INCREASE AGREEMENTThe main terms of the Capital Increase Agreement are summarized as follows:Date27 May 2011Parties(a)(b)(c)(d)(e)China Shipping;Guangzhou Maritime Transport;the Company;CSDC; andCS Haisheng.Capital IncreaseThe Board is pleased to announce that on 27 May 2011, the Company entered into the CapitalIncrease Agreement, pursuant to which, China Shipping, Guangzhou Maritime Transport, theCompany, CSDC and CS Haisheng have agreed to increase their respective capital contributionin the amount of RMB75 million, RMB60 million, RMB75 million, RMB75 million and RMB15million, respectively, to CS Finance Company by way of cash in proportion to their existingshareholdings in CS Finance Company.Upon the completion of the foregoing increase of capital contribution, the registered capital of CSFinance Company will increase from RMB300 million to RMB600 million while the respectiveshareholding of China Shipping, Guangzhou Maritime Transport, the Company, CSDC and CSHaisheng in CS Finance Company will remain as 25%, 20%, 25%, 25% and 5%.PaymentEach of the JV Partners shall fulfill their payment obligations by way of cash contribution inone lump-sum within 15 Business Days after execution of the Capital Increase Agreement andobtaining the approval of the CBRC on the Capital Increase.The Company intends to use its internal resources to satisfy its requisite capital contribution to CSFinance Company.2
INFORMATION ON CS FINANCE COMPANYCS Finance Company is a limited liability company established in the PRC which is principallyengaged in the provision of financial and financing advisory services, credit verification servicesand related consultancy and agency business to the JV Partners and their respective associates.Based on the audited financial statement of CS Finance Company which were prepared inaccordance with the PRC GAAP, CS Finance Company has recorded audited net profit before andafter taxation and extraordinary items attributable to the Company’s 25% equity interest in CSFinance Company in the amount of approximately RMB12,985,100.05 and RMB9,720,143.74,respectively, for the year ended 31 December 2010.INFORMATION ON THE PARTIES TO THE CAPITAL INCREASE AGREEMENT(a)China ShippingChina Shipping is a large shipping conglomerate that operates across different regions,sectors and countries.(b)Guangzhou Maritime TransportGuangzhou Maritime Transport is principally engaged in non-container vessel leases,hotel services, ancillary shipping services, health-hygiene, property management, projectsupervision and back-up support businesses.(c)The CompanyThe Company is principally engaged in the operation and management of international anddomestic container marine transportation.(d)CSDCCSDC is principally engaged in coastal, ocean and Yangtze River cargo transportation,international passenger transportation, vessel-chartering, cargo agency and cargotransportation agency businesses.(e)CS HaishengCS Haisheng is principally engaged in domestic coastal and near-sea route cargotransportation and cargo (containing liquid dangerous goods) transportation between ports inthe middle and lower reaches of the Yangtze River.3
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